Flakk Group

What Flakk Group does

Flakk Group is a Norwegian family-owned, diversified investment and holding company headquartered in Ålesund, Norway, with origins dating to 1933 and a portfolio reaching back to the founding of Devold of Norway in 1853. The group operates across multiple industries through subsidiaries including Devold of Norway AS (wool apparel for outdoor activities and protective workwear), O.A.D. (Ole Andreas Devold, luxury wool clothing, wholly owned), and Flakk Eiendom (real estate, including the historic St. Olavs gate 32 property in Oslo led by CEO Malin Gjørtz). The youngest generation of the Flakk family now constitutes the majority shareholders, and the company's stated mission is offering products and services that enhance quality of life sustainably while driving profitable returns, anchored to a triple bottom line adopted in 2006 and the UN's 17 Sustainable Development Goals with WEF-aligned reporting.

The company's business model centers on long-horizon ownership and selective realization of portfolio assets. Revenue mechanics flow through apparel sales (Devold's underwear, middle layers, outerwear, sweaters, socks, and accessories, of which roughly 40% are sold internationally in Europe), real estate ownership and operations, and diversified investments in private and public companies. The group does not publicly disclose pricing or consolidated financials. In March 2025, Flakk sold a 65% controlling stake in Devold of Norway to Fenix Outdoor International AG for 35 MEUR (cash plus 112,898 Fenix treasury shares), retaining a 35% minority interest that provides ongoing exposure to Devold's growth while embedding Devold into Fenix's global retail network (Fjällräven, Tierra, Hanwag, Royal Robbins, Frilufts Retail).

Customer segments span outdoor enthusiasts and adventurers seeking premium wool garments, premium Norwegian consumers valuing heritage natural-fiber textiles, and real estate counterparties. The company maintains a lean corporate communications presence on LinkedIn and Facebook. Leadership is family-anchored, with Knut Flakk serving as CEO and Chairman of the Board, supported by Deputy-CEO Lasse Kjønstad, CIO Christian Balsnes, Finance Director Merete Myklebust, Marketing Director Maria Lilly Flakk, Creative Director Line Kristoffersen Flakk, and Project Manager Erika June Flakk. No technology stack, AI/ML capabilities, patents, or certifications are disclosed, and Capient AS and Schjødt AS / Advokatfirmaet Hjort AS served as advisers in the Fenix transaction.

Name

Flakk Group

Legal name

Flakk Gruppen AS

Website

https://flakk.no

Company type

Private

Founded year

1900

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Flakk Group is a Norwegian family-owned diversified holding company operating wool apparel brands (Devold of Norway, O.A.D.), real estate (Flakk Eiendom), and other investments from Ålesund, with majority ownership held by the youngest Flakk generation.

Ownership category

akta.pro rank

Product category

Diversified Investment Holding

NAICS

Management of Companies and Enterprises (55111)

akta.pro primary industry

Family/Founder Succession Buyout (FSANABAK)

Keywords

• Diversified holding company
• Wool outdoor apparel
• Real estate investment
• Family-owned investments
• Portfolio asset management

Headquarters

HQ city

Ålesund

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Wool apparel and outdoor clothing: Devold of Norway, a pioneer in wool clothing for outdoor activities and protective workwear since 1853, develops and produces underwear, middle layers, outerwear, classic sweaters, socks, and wool accessories. Approximately 40% of wool products are sold internationally, primarily within the European market.
2. Real estate operations: Flakk Eiendom manages property investments and operations, including the acquisition of historic properties such as St. Olavs gate 32 in Oslo.
3. Diversified investments: Flakk Group holds investments in private and public companies across multiple industries, with business interests spanning various sectors.

Distribution channels2 records

Marketing channels2 records

Core offering

Flakk Group is a Norwegian family-owned investment and holding company that owns and manages diversified portfolio companies across multiple industries. Core holdings include Devold of Norway (wool apparel for outdoor activities and protective workwear, founded 1853), O.A.D. (luxury wool clothing brand, fully owned), and Flakk Eiendom (real estate investments and property management). Following the March 2025 transaction, Flakk Group retained a 35% stake in Devold after selling 65% to Fenix Outdoor International AG.

Product overview

Flakk Group is a Norwegian family-owned holding company with diversified investments across multiple industries including outdoor/wool apparel brands, real estate, and other sectors. The company operates as an investment vehicle rather than a single product company, holding portfolio companies such as Devold of Norway (high-performance wool apparel since 1853), O.A.D. (luxury wool clothing brand), and Flakk Eiendom (real estate). Following the March 2025 transaction, Flakk Group retains a 35% stake in Devold after selling 65% to Fenix Outdoor. The group focuses on sustainable business practices and long-term value creation across its portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Devold of Norway Wool clothing brand specializing in outdoor garments including underwear, middle layers, outerwear, classic sweaters, socks, and other wool accessories for outdoor activities, expeditions, and protective workwear. Since March 2025, Flakk Group retains a 35% minority stake following the sale of 65% to Fenix Outdoor International AG.
• O.A.D. (Ole Andreas Devold)

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Capient AScoreOthers · 1 March 2025Acted as strategic and financial adviser to Flakk Group and Devold in the Fenix Outdoor transaction.
• Schjødt AScoreOthers · 1 March 2025Acted as legal adviser to Devold and Flakk Group in the Fenix Outdoor majority stake acquisition.
• Advokatfirmaet Hjort AScoreOthers · 1 March 2025Acted as legal adviser to Fenix Outdoor in the acquisition of 65% stake in Devold of Norway.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Icebreaker (VF Corporation): Global merino wool outdoor apparel brand owned by VF Corporation. Directly comparable to Devold in product (wool base-layers and outdoor wear) and positioning (premium natural-fiber outdoor).
• Orkla ASA: Norwegian-listed consumer brands holding company with portfolio of branded goods businesses. Comparable as a Norwegian multi-business holding operating consumer brands, though at much larger scale.
• Aker ASA: Large Norwegian industrial holding company owning a portfolio of operating businesses. Broader and more public-market oriented than Flakk, but same general holding-company model with industrial Norwegian roots.
• Patagonia (owned by Holdfast Collective): Iconic sustainable outdoor apparel brand held by a non-profit ownership structure. Comparable to Devold/O.A.D. on premium outdoor positioning and deep sustainability commitments similar to Flakk's SDG framework.
• Smartwool (VF Corporation): Global merino wool sock and apparel brand owned by VF Corporation. Comparable to Devold in core product (merino wool apparel and accessories) and international distribution into outdoor and lifestyle channels.

Direct peers

• Bonheur ASA: Norwegian family-controlled investment company holding public and private equity stakes across sectors. Comparable to Flakk in structure, family ownership, and multi-industry holding model.
• Norrøna Sport AS: Norwegian family-owned premium outdoor apparel and equipment brand. Directly comparable to Devold of Norway as a Norwegian heritage outdoor brand operating in the wool/technical apparel niche.
• Helly Hansen: Norwegian heritage outdoor and workwear apparel brand. Comparable to Devold in category (outdoor/wool clothing for active use), origin (Norwegian), and target customer (outdoor enthusiasts and professionals).
• Ferd AS: Norwegian family-controlled holding company with diversified investments across multiple industries. Closest analog to Flakk Group — multi-generational family ownership, multi-sector portfolio, long-term strategic horizon.

Others

• Fenix Outdoor International AG: Swedish-listed owner of premium outdoor brands (Fjällräven, Hanwag, etc.) that acquired 65% of Devold from Flakk in March 2025. A counterparty in the Devold transaction and now Flakk's joint venture / minority-share partner; comparable on outdoor brand portfolio model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Flakkgruppen
• LinkedInlinkedin.com/company/flakk-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Flakk Group